Friday, August 26, 2005

maher takes on the bubble

And here we are today with real estate prices across the country that could aptly be compared to Courtney Love: irrationally high and about to collapse.

I don't want to say there's a housing bubble, but I had a refrigerator delivered this morning and a homeless guy offered me $3 million for the box. Not to burst your bubble, but all bubbles do burst. And we learned this recently. It's not just that grandma was alive the last time it happened. You were alive. Eminem was on the radio. Just like now because, again, it wasn't that long ago.

yet he finally provides a concise answer to everyone who says they can't wait for a bust, because that's when they can finally pounce. um, no. that's not how it works:

When real estate collapses, people will go bankrupt, which will take down the banks, which all along have really owned their homes, which will bring down the markets and then the dollar. And the GOP will win an election based on renaming Amtrak the Jesus Choo Choo and the whole thing will fester to the point where Plan B is to live in caves and barter.